Tether Successfully Completes SOC 2 Type I Evaluation, Reinforcing Security Standards
In Brief
Tether has finalized its SOC 2 Type I evaluation, confirming compliance with the stringent security and data protection standards enforced by the AICPA.
The entity behind the USD-pegged stablecoin, USDT, Tether has announced the completion of the Service Organization Control (SOC 2 Type I) audit. This certification verifies that the company meets rigorous security and data protection standards outlined by the American Institute of Certified Public Accountants (AICPA). AICPA ) standards.
Tether functions as a blockchain platform enabling digital interactions with fiat currencies. Tether's USDT stablecoin provides traders with efficient entry and exit points for cryptocurrency transactions, setting it apart from unpegged cryptocurrencies like Bitcoin, which are typically leveraged for speculative purposes.
With a market presence of approximately $95 billion, USDT stands out as the leading stablecoin. Impressively, Tether's share of the global stablecoin market jumped from 50% to 71% in 2023.
The SOC 2 Type I Report evaluates aspects like security, availability, processing integrity, and confidentiality, confirming that the firm has enacted IT controls to safeguard its systems, ensure accessibility when needed, and protect sensitive information.
The audit assesses various security protocols including firewalls, intrusion detection systems, robust customer authentication, network reliability, and the efficiency of issue resolution.
The organization has also indicated its intention to pursue annual SOC 2 evaluations to uphold the highest standards of operations and security. Looking ahead to 2024 and 2025, Tether aims to achieve the SOC 2 Type II certification, which will assess the operational effectiveness of its internal controls over a year, including privacy measures.
Tether Partners with the DOJ for $1.4 Million Asset Recovery from Fraud Network to Enhance Trustworthiness
Tether has been under the microscope of regulators in recent times regarding asset management and its affiliations with various entities. financial institutions Despite facing numerous allegations, the company has acted quickly to respond and has actively sought collaboration with relevant authorities.
Moreover, Tether is dedicated to strengthening its security protocols and maintaining transparency by working alongside law enforcement agencies. Recently, the company voluntarily teamed up with the FBI and expanded its partnership to aid the DOJ in retrieving around $1.4 million worth of USDT tokens associated with a technology support scam network.
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